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ICBA: Senate-Approved Deposit Insurance Bill Critical to Reducing FDIC Special Assessment

Washington, D.C. (May 6, 2009)—Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), today issued this statement following Senate passage of the Helping Families Save their Homes Act of 2009 (S. 896).

“ICBA is pleased that the Senate has passed this critical legislation that would increase the FDIC’s borrowing authority with Treasury from $30 billion to $100 billion, with emergency funding up to $500 billion. This is a victory for ICBA and our nation’s more than 8,000 Main Street community banks that continue to work every day to help their communities recover from this economic crisis. The expanded borrowing authority would allow the FDIC to reduce its planned 20-basis-point special assessment—good news for community banks that didn’t participate in the practices that led to this crisis. The special assessment would have impeded community banks’ ability to lend in cities and towns throughout America during a critical time when lending is most needed to help spur economic stability. The legislation also extends the temporary deposit insurance coverage hike to $250,000 until the end of 2013.

“ICBA thanks Senate Banking Committee Chairman Dodd (D-Conn.), Sen. Shelby (R-Ala.) and Sen. Crapo (R-Idaho.) for their support of S. 896 and looks forward to the bill being taken up quickly in the House and signed into law.”

For more information, visit www.icba.org.

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